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TMK closes higher for the 3rd day in a row


Technical Analysis Report for TMK - Apr 16, 2018 [< 1 min read]
Highlights
TMK pushes through 50-day moving average
TMK closes higher for the 3rd day in a row
TMK pushes through previous session high
TMK rises to highest close since March 21st
TMK ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, TMK ended Monday at 85.09 gaining $0.75 (0.89%). Today's closing price of 85.09 marks the highest close since March 21st. Closing above Friday's high at 84.97, the market confirms its breakout through the previous session's high having traded $0.65 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for TMK
Volatility

Monday's trading range was $0.86 (1.01%), that's below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 84.50.

Trend

Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The stock managed to break above the 50-day moving average at 84.59 today for the first time since September 19, 2017.

Order Flow

Further buying could move prices higher should the market test March's close-by high at 87.57.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Break through SMA 50 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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